Author Topic: [CANADA] About to buy our first rental, mortgage questions  (Read 507 times)

West996

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[CANADA] About to buy our first rental, mortgage questions
« on: March 07, 2018, 02:09:17 PM »
Hello All,

I've own homes in the past that I've lived in, this is the first home I will be purchasing as a rental. Just for reference I actually now rent and apartment in Toronto with my wife. We are buying a home in Chatham-Kent Ontario where my in-laws live and have offered to be property managers for us. (They own several rentals themselves.)

Main question today is on mortgage negotiation. Are there major pitfalls I should look for? Like what the penalty would be if we were forced to sell early? We are not using a broker, we are using her in-laws contact at CIBC. I just want to make sure we are not getting fleeced if they know that we are only considering one option. Should I pass this by another major bank at the same time just to check? Or force competition? Problem is this is time sensitive, our offer on the home has already been accepted. I do most of my banking through Scotia Bank so maybe I should just have a quick sit down with them.

I don't want to get forced into an awkward sales situation but I don't banks.